New York, June 06, 2023 (GLOBE NEWSWIRE) -- The diabetes devices market size is anticipated to surpass USD 48 billion by 2033 and is predicted to attain more than 7% CAGR from 2023 to 2033, as per latest study by Research Nester.
The industry growth is attributed to the rising number of people suffering from diabetes worldwide. An individual with diabetes is characterized by the inability of the pancreas to produce sufficient insulin or to utilize it efficiently in order to regulate sugar levels in the body. According to WHO, diabetic complications were directly responsible for the deaths of 1.5 million people in 2019, with 48% of all diabetes-related deaths occurring under the age of 70. Diabetic type 2 (NID diabetes) is caused by the body's inability to utilize insulin effectively. More than 95% of patients with diabetes suffer from type 2 diabetes. Also, as per the International Diabetes Federation, the prevalence of diabetes is increasing worldwide, which accounted for 6.7 million deaths in 2021.
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Rising Prevalence of Obesity and Unhealthy Eating Habits to Fuel the Growth in the North America Region
The diabetes devices market in North America is estimated to garner the largest revenue by the end of 2033. Increasing obesity and unhealthy food habits among the region's population have contributed to a rise in diabetes cases. The reason for this is that obesity leads to insulin resistance, which is a major contributor to the development of diabetes. North America has a large presence of fast food chains, making fast food more accessible to people. Consequently, these foods are highly consumed in the region, increasing diabetes risk. In the United States, adults consume 11% of their daily calories from fast food, whereas 35% of children consume fast food consistently.
Moreover, increasing health awareness among the population and the desire to monitor diabetes are fostering diabetes devices market growth in this region. People are becoming more aware of the dangers of diabetes and the importance of monitoring their blood sugar levels, and as a result, there is a huge demand for diabetes monitoring devices. Further, the availability of advanced diabetes devices in the region makes it easier for people to get the devices they need, enabling the market to grow.
Growing Diabetes Awareness among People to Boost the Growth in the Asia Pacific Region
The diabetes devices market in the Asia Pacific region is estimated to garner highest CAGR by the end of 2033 on account of an increase in government and nonprofit activities aimed at raising awareness about diabetes through campaigns and educational programs. For instance, in 2020, an awareness program was launched in Beijing by China's leading health service provider, Health 100, to raise awareness about diabetes. The foundation plans to donate nearly 500,000-yuan worth of blood glucose meters to low-income patients' families as part of the program. Furthermore, chronic diseases are a major risk factor for type 2 diabetes. Chronic diseases, such as heart disease, stroke, and kidney disease, are all major risk factors for type 2 diabetes. These diseases can damage the blood vessels and nerves that control blood sugar levels, making it more difficult for the body to regulate blood sugar. In addition, more people are becoming aware of diabetes and its treatments in the region, resulting in the popularity of different types of diabetes devices. Blood glucose meters and insulin pens are two of the most common types of devices used widely to check insulin levels and manage diabetes.
Market Segmentation by Type (Blood Glucose Monitoring, Insulin Delivery Devices)
Diabetes devices market from the blood glucose monitoring segment is anticipated to hold the largest revenue by the end of 2033. The portability of blood glucose monitors has made them popular among people with diabetes, as they can easily be carried around and used whenever needed. The accuracy of these meters has also improved over the years, making them more reliable. According to the FDA, glucose meters are accurate 95% of the time and within 15% of lab results. Hence, if lab results indicate a blood glucose level of 170, the glucose meter reading falls within the range of 144–190, which provides greater accuracy. Moreover, the increasing sales of blood glucose meters in developed countries such as the United States, and the development of convenient, small, and discreet blood glucose monitoring devices by market players are expected to drive the segment's growth over the coming years. In addition, the number of blood-glucose meters sold by private label brands in the United States in 2019 was estimated to be nearly 14 million.
Market Segmentation by End User (Diagnostic Center, Hospitals, Home Care)
The diabetes devices market from homecare segment is expected to generate the largest revenue by the end of 2033. The growing awareness of diabetes self-care is contributing to more people being diagnosed at an early stage and thus being able to take better care of themselves and avoid complications. Diabetes care at home is easy, and patients can keep track of their sugar levels without going to the doctor. Patients can use diabetes devices to monitor their glucose levels and make sure they stay within a healthy range. Further, homecare is becoming more popular as people become more aware of diabetes and its self-care practices. More adults are receiving diabetes education, which assists them in taking better care of themselves at home. It has been observed that 52% of adults with diabetes in the United States receive diabetes education, and those who receive diabetes education are more likely to follow self-care practices, such as checking their blood sugar levels on a daily basis. Moreover, the growing measures of the government to promote diabetes awareness and the rise in awareness of self-care management among the geriatric population are expected to further drive the segment's growth.
Leading players in the global diabetes devices market are Medtronic plc, Abbott Laboratories, ARKRAY, Inc., Bayer AG, Lifescan, Inc., B. Braun Melsungen AG, Dexcom, Inc., Insulet Corporation, Ypsomed AG, Sanofi.
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